US President Joe Biden speaks during the Summit for Democracy virtual plenary on “Democracy Delivering on Global Challenges” in the Eisenhower Executive Office Building in Washington, DC, US, on Wednesday, March 29, 2023. Biden during the summit said he will seek $9.5 billion from Congress to promote democracy.
Yuri Gripas | Bloomberg | Getty Images
WASHINGTON — President Joe Biden on Thursday urged federal banking regulators to take up a set of reforms reversing Trump-era regulatory rollbacks, following the collapse of Silicon Valley Bank and Signature Bank.
The White House said in a fact sheet Thursday that Biden is continuing his administration’s efforts “to strengthen oversight and regulation of larger banks so that we are not in this position again,” by reinstating safeguards for banks with assets between $100 billion and $250 billion as well as bolstering supervision over financial institutions.
Each of the steps can be accomplished under current law, while building upon regulatory reforms like the completion of an executive compensation rule for bank executives under the Dodd-Frank Act, Biden said.
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